Acadia Wins Bowery Property for $7.5M

NEW YORK—Acadia Realty Trust has paid $7.5 million to acquire 210 Bowery, a four-story commercial building, located in the Little Italy Special District. Eastern Consolidated Senior Director Adelaide Polsinelli, Associate Director Robert Khodadadian and Director, Financial Services Gary Meese represented the seller, a longtime owner of the property, as well as procured the buyer of the property.

Currently occupied by a restaurant supply company, 210 Bowery contains 9,200 sq. ft. and served as The Monroe Hotel in the 1930s. The existing building could potentially accommodate future development totaling 15,000 sq. ft. of zoning floor area.

“The Bowery is primed for a retail explosion as the overflow from SoHo’s red hot demand continues to spill over to this avenue and name brand stores are now considering a presence on the Bowery,” said Polsinelli. “The deal had all the bells and whistles sought by investors seeking to maximize properties on the Bowery as the street rapidly improves: prime location at 210 Bowery, the appeal of avenue frontage and unused development rights.”